TECHNOGYM S.P.A.: BOARD OF DIRECTORS APPROVED THE DRAFT CONSOLIDATED RESULTS FOR THE 2022 FINANCIAL YEAR
Technogym to set new records
- Consolidated revenue: € 721 million, +18% compared to € 611 million in 2021
- EBITDA adjusted: € 132 million (+23%)
- EBIT adjusted: € 85 million (+27%)
- Net Profit adjusted: € 66 million (+29%)
- Net financial position positive by € 122 million (€ 96 million in 2021)
- Proposed dividend of € 0.25 per share (totaling over € 50 million)
Nerio Alessandri, President and CEO, declared: “Technogym is recognized as the iconic wellness brand, built over forty years of research and innovation. The record revenues achieved in 2022 are an important result for which we thank our employees and stakeholders.
Our uniqueness has been even more evident as customers continued to show their support thanks to our record investments in digital innovation and AI. This allows us to strengthen our value proposition and brand equity, thanks to the Technogym Ecosystem, able to offer our fans an unparalleled training experience and to support industry operators in this phase of market recovery.
Consumers choose Technogym at their favorite club, in their corporate fitness centre, at the best hotels, in the most beautiful locations in the world or at home, while having fun, challenging themselves, or within health programs. We will continue to grow and create value to be more and more relevant within the education towards wellness and health lifestyle, in coherence with our “Let’s Move for a Better World” mission.
Medical studies, all over the world, have proven that physical exercise is a powerful medicine to support "healthy longevity". In this context, and in line with our historic ESG commitment, Technogym positions itself as the wellness lifestyle enabler, thanks to the development of personalized solution to improve health and quality of life”.
Cesena (Italia), March 29th 2023 – The Board of Directors of Technogym Spa (TGYM.MI), the wellness company, has today reviewed and approved the consolidated financial statements and the draft financial statements for 2022 prepared in accordance with International Financial Reporting Standards (IAS/IFRS).
The year ended with record revenues of € 721.5 million (+18% compared to 2021 or +15% at constant exchange rates) thanks to double-digit growth on all continents, with a particularly positive performance in both North America (+46%) driven by the USA, and in Europe (+14%) despite market uncertainty. The data reflects the company's speed and flexibility in adapting first to the challenges posed by the pandemic in 2021, with significant growth in the consumer segment, and then resuming strongly in 2022, with a +29% growth in the commercial segment. The latter showed an increase in all segments, with "Hospitality & Residential" and "Health Corporate and Performance" achieving the highest results in history.
The results achieved are even more significant when considering that the need to adjust price lists to the increase in raw material prices and transportation costs has maintained stability in volumes and a positive effect on revenues, providing further evidence of Technogym's pricing power, the result of its recognized luxury brand positioning in the wellness sector.
However, the uncertainty of the international political situation and inflationary pressures have affected the consumer segment, which saw its turnover decrease by -9%.
Adjusted EBITDA is € 132 million, up +23%, and is now close to the record achieved in the pre-pandemic year, with an adjusted EBITDA margin of 18.3%.
Adjusted net profit grew by +29% to € 66 million, allowing for a proposed dividend of € 0.25 per share.
The net financial position is positive at €122 million, an improvement of € 26 million compared to 2021, thanks to the significant cash generation recorded in the fiscal year.